Saudi tech show LEAP 2024 to close on ‘record-breaking’ note
Riyadh, Saudi Arabia--The biggest tech show in the Middle East, LEAP 2024, hosted by Saudi Arabia in Riyadh, is preparing...
Business
ADNOC partners with Viola Communications
They will utilize outdoor media-leasing spaces for advertising.
Business
Economy
Oil prices inch up 1% on signs of slow US output, posts first loss in 8 weeks
Dubai, UAE--Oil prices jumped about 1% on Friday on signs of slowing U.S. output, but both crude benchmarks also ended...
- After industry data showed that the US oil and natural gas rig count fell for the sixth week in a row, both benchmarks pushed higher on Friday
- A worsening property crisis in China added to concerns about the country sluggish economic recovery as oil prices dropped about 2 percent from last week
Business
UAE’s investments in Ethiopia touch US$2.9bn as non-oil trade expands
Abu Dhabi, UAE-- As the UAE President Sheikh Mohamed bin Zayed visits Ethiopia to strengthen relations with the African country,...
- According to Dr. Thani bin Ahmed Al Zeyoudi, the investments encompass four key sectors: chemicals, food and beverages, aluminum and pharmaceuticals
- He said the country's re-exports to Ethiopia climbed 8.6 percent year-on-year to $553.3 million in 2022, continuing a strong upward trend since 2018
Science
Saudi CST urges public for feedback on ‘space use plan’ for frequency spectrum
Riyadh, Saudi Arabia--The Communications, Space and Technology Commission (CST) has urged the public to provide their views on its space...
- It has given all "interested parties" in the kingdom and outside a time until September 10 next month to provide views and observations
- Early this year, CST announced the formation of a Space Entrepreneurship Alliance to achieve growth and sustainability in the sector
Geostrategy
UAE president and Ethiopia PM pledge to boost relations
The two leaders met in Addis Ababa and held talks on various aspects of bilateral relations, in addition to broader...
- They also discussed regional and international developments and exchanged views on issues of shared concern
- Sheikh Mohamed applauded Ethiopia's commitment to advancing renewable energy to attain climate neutrality
Economy
Saudi economic support vital for progress in various sectors: Yemen PM
Aden, Yemen--Yemeni Prime Minister Maeen Abdulmalik affirmed that the economic support Saudi Arabia provides to Yemen represents a vital factor...
- The prime minister said during a cabinet meeting the kingdom's support strengthens the Yemeni government's effort to achieve economic stability
- The kingdom early this month endorsed a $1.2 billion grant to Yemen’s internationally recognized government to prop up the country’s flagging economy
Business
Meeza to list on QSE
Its shares will begin trading on the bourse later this month.
- The company recently obtained the approval from the Qatar Financial Markets Authority (QFMA) and the QSE's board for a listing on the exchange
- The company's price will be floated on the first day of the listing and from the second day it will be allowed to fluctuate by 10% up or down
Business
DWTC’s hospitality branch growth up
The division recorded 32% growth in H1 of 2023.
- Apart from proving its culinary strength with a 32% growth, the division recently won a big haul of medals at Emirates Salon Culinaire 2023
- Its kitchen recently received grade A rating from Dubai Municipality and certifications from Hazard Analysis and Critical Control Points
Business
GSA discusses cooperation with IIHF, ISU to boost winter sports in UAE
Dubai, UAE-- The UAE's General Sports Authority (GSA) and the International Skating Union (ISU) and International Ice Hockey Federation (IIHF)...
- The discussion between officials touched on ways to develop the rules and regulations for ice sports leading to the promotion of winter sports in the UAE
- Sheikh Suhail bin Butti Executive Director of the Sports Development Sector at GSA said that the UAE intends to host international winter sports championships
Business
Oman Air Cargo revenue up
Its cargo revenue recorded a 42% jump in H1 to US$57.9m.
- Oman Air Cargo said that the jump in cargo aligns with the carrier's aim to retain its strong position in the market
- Launched in 2009, the airline has sustained an upward trajectory despite a fall in yield compared to the previous year
Economy
EU provides US$24m for payment of allowances to poor Palestinian families
Jerusalem--The European Union has disbursed $24 million for the payment of social allowances to 71,162 vulnerable Palestinian families through the...
- The EU during the last 17 years has supported the Palestinian Authority with funding to ensure social allowances are extended to the poor families
- The funding from EU has been routed through the PEGASE mechanism and will help 71,162 families living below the extreme poverty line
Saudi tech show LEAP 2024 to close on ‘record-breaking’ note
Riyadh, Saudi Arabia--The biggest tech show in the Middle East, LEAP 2024, hosted by Saudi Arabia in Riyadh, is preparing...
Business
Company News
Empower, ASHRAE form alliance
Business
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DEWA awards pipeline contract
Business
Al Saqr names chairman of board
Business
CBUAE balance sheet touches US$182 billion in November 2023
Abu Dhabi, UAE--The Central Bank of the United Arab Emirates (CBUAE) saw its balance sheet soar to $182.43 billion at...
Economy
DEWA extends fibre-optic ducts across Dubai by 364 kms in 2023
Dubai, UAE--The Dubai Electricity and Water Authority (DEWA) has laid over 364 kilometres of fibre optic (FO) ducts across different...
Business
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Business
Passenger traffic at Sharjah airport jumps to 15.3 million in 2023
Sharjah, UAE--The number of passengers travelling through Sharjah airport reached 15.3 million in 2023, as compared to 13.1 million in...
- The airport's traffic shot up 12 percent with over 98,000 flight movements in 2023 as compared to around 87,000 flight movements in 2022
- The airport also added three new destinations for air cargo including Houston in the United States, Kigali in Rwanda and Nasik in India
Economy
S&P estimates UAE GDP to grow beyond 5% in 2024
According to Tatiana Leskova, Associate Director of Corporate Ratings at Standard and Poor's Global Ratings that the global economy while...
- She said S&P expects continued strong momentum in Dubai's hospitality, wholesale and retail
- There was a sharp increase in Russian buyers becoming one of the largest investor groups in Dubai
World Economic Forum
Top economists warn global economy will weaken in 2024
Davos-Klosters, Switzerland--Global economic prospects remain subdued and fraught with uncertainty, according to the latest Chief Economists Outlook released today, as...
- Around 56% economists expect the global economy to weaken this year, while 43 percent foresee unchanged or stronger conditions
- In the MENA region, US the outlook is weaker too, with about six in 10 respondents foreseeing moderate or stronger growth this year